Posted: Mar 30, 2014 8:26 AM
Updated: Mar 30, 2014 8:26 AM
AUSTIN, Texas (AP) Oil and gas production is up, construction is on the rise and unemployment is low. Economists say the Texas economy is strong with no trouble in sight.
Texans of a certain age have seen this before, and they know what usually happens next. Bust.
Independent economist Ray Perryman told lawmakers last week that this oil and gas boom looks more sustainable than the one in the 1970s. Growing global demand for energy and new technologies that boost production are driving the industry this time.
But he said to keep the economy thriving, though, lawmakers need to rethink the state tax system and make sure they fund great schools and a great transportation system. He said Texas businesses need a better educated workforce and better infrastructure.,
Chris Tomlinson is the AP's supervisory correspondent in Austin, responsible for state government and political reporting.